Wheat Showing Marginal Losses to Kick off Midweek
Wheat is posting slight losses on Wednesday morning. Futures closed with weakness on Tuesday across all three markets to fade the morning gains. Chicago SRW futures were down 2 3/4 to 4 1/2 cents on the day. KC HRW posted 4 ¼ to 6 ¼ cent losses. MPLS spring wheat was down 6 ¾ to 7 ½ cents at the close.
Wheat stocks at the end of the first quarter are expected to be pegged at 1.973 bbu in next Monday’s Grain Stocks report. The survey of estimates by Reuters has a range of 1.794 bbu to 2.09 bbu.
China pegged a 37 MMT per year maximum wheat purchase total for 2025 and 2026 for their price support program on wheat that drops below 119 yuan/kg or ~$9.31/bu.
Japan is tendering for 112,580 MT of wheat from Australia, Canada, and the US, due on Thursday and 64,510 MT US specific. The European Commission pegs 5.86 MMT of soft wheat exports since July 1, well below the 7.67 MMT in that same period last year.
Dec 24 CBOT Wheat closed at $5.78, down 4 1/2 cents, currently down 2 1/4 cents
Mar 25 CBOT Wheat closed at $5.97 1/4, down 4 cents, currently down 2 cents
Dec 24 KCBT Wheat closed at $5.71, down 6 1/4 cents, currently down 2 3/4 cents
Mar 25 KCBT Wheat closed at $5.85 1/4, down 5 1/2 cents, currently down 3 cents
Dec 24 MGEX Wheat closed at $6.11 3/4, down 7 1/4 cents, currently down 3 3/4 cents
Mar 25 MGEX Wheat closed at $6.33 1/4, down 7 1/4 cents, currently down 3 1/4 cents
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.